Domestic funds drag QSE; index slips 105 points; M-cap erodes QR4bn

Ahead of the US Federal Reserve’s meeting, the Qatar Stock Exchange plummeted 105 points to close below 11,700 points on an across the board selling, particularly in the telecom, realty and industrials.The domestic funds were increasingly into net selling as the 20-stock Qatar Index shed 0.82% to 12,626.55 points, although it touched an intraday high of 12,774 points.The foreign funds’ weakened net buying had its influence in the market, whose year-to-date gains were at 8.61%.The Arab individuals’ net buying also waned in the bourse, whose capitalisation saw about QR4bn or 0.55% decline to QR710.98bn, mainly on the back of small and microcap segments.The Islamic index was seen declining faster than the other indices in the market, where the industrials and banking sectors together constituted about 70% of the total trading volume.The local retail investors continued to be net sellers but with lesser intensity in the bourse, which saw a total of 22,748 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.22mn changed hands across 12 deals.The foreign individuals’ net buying slackened in the market, which saw no trading of sovereign bonds.Total trade turnover and volumes were on the decline in the bourse, which saw no trading of treasury bills.The Total Return Index declined 0.82% to 25,863.27 points, All Share Index by 0.55% to 4,044.53 points and Al Rayan Islamic Index (Price) by 0.97% to 2,758.41 points.The real estate sector index tanked 1.26%, telecom (1.24%), industrials (1%), banks and financial services (0.37%), consumer goods and services (0.23%), transport (0.21%) and insurance (0.13%).Some 75% of the traded constituents were in the red with major shakers being Commercial Bank, Gulf International Services, Widam Food, Dlala, Aamal Company, QIIB, Masraf Al Rayan, Mannai Corporation, Baladna, Qatar National Cement, Qatari Investors Group, Industries Qatar, Mesaieed Petrochemical Holding, Qamco, QLM, Ezdan, Barwa, Ooredoo and Gulf Warehousing. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value.Nevertheless, QNB, Qatar Electricity and Water, Qatar Industrial Manufacturing, Zad Holding and Doha Insurance were among the gainers in the main market.The domestic institutions’ net selling increased noticeably to QR67.81mn against QR54.2mn on June 14.The foreign funds’ net buying declined markedly to QR90.58mn compared to QR108.83mn on Tuesday.The Arab individuals’ net buying weakened perceptibly to QR6.55mn against QR10.22mn the previous day.The foreign individuals’ net buying shrank notably to QR3.18mn compared to QR6.95mn on June 14.However, the Arab institutions’ net buying expanded significantly to QR1.81mn against QR0.73mn on Tuesday.The Gulf individuals were net buyers to the tune of QR1.22mn compared with net sellers of QR0.96mn the previous day.The Gulf funds turned net buyers to the extent of QR0.15mn against net profit takers of QR11.87mn on June 14.Qatari individuals’ net profit booking shrank considerably to QR35.68mn compared to QR59.7mn on Tuesday.Total trade volume in the main market fell 24% to 119.56mn shares, value by 10% to QR631.17mn and transactions by 13% to 23,938.The insurance sector’s trade volume plummeted 49% to 1.57mn equities, value by 48% to QR4.48mn and deals by 1% to 319.The real estate sector reported 43% plunge in trade volume to 11.29mn stocks, 37% in value to QR19.68mn and 51% in transactions to 889.The market witnessed 29% shrinkage in the industrials sector’s trade volume to 41.42mn shares, 24% in value to QR139.02mn and 27% in deals to 4,642.The consumer goods and services sector’s trade volume tanked 27% to 15.22mn equities, value by 11% to QR38.12mn and transactions by 22% to 1,194.There was 18% contraction in the transport sector’s trade volume to 5.62mn stocks, 28% in value to QR25.27mn and 6% in deals to 1,198.The telecom sector’s trade volume was down 11% to 2.65mn shares, value by 11% to QR16.33mn and transactions by 26% to 1,249.The banks and financial services sector saw a 2% dip in trade volume to 41.78mn equities but on 2% jump in value to QR388.26mn despite less than 1% fall in deals to 14,447.In the venture market, trade volumes grew more than 10-fold to 0.52mn stocks and value by eight-fold to QR2.8mn on more than tripled transactions to 105.